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Dealing with Third-Party Business with Risk Management and Due Diligence There’s no doubt that sooner or later, you’ll find your business doing transactions globally and even with third-party businesses that can either be other companies or individuals, which would certainly call for superior risk management plan, strategy and preparation. In this page, you’ll be able to revel on due diligence and risk management plan tips and procedures that will allow you to have greater view of the soon-to-be transaction with the third-party, which may even give you necessary back-up plans to hide up your sleeves, It is important that the first things you have to make sure you’re knowledgeable about, are the regulations that you must comply with during the transactions and trust me, they can be very long and tedious to observe at all times especially when considering the location of the third-party business you’re going to transact with.
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Due diligence can be very formal as well and it can be more than just a delicate research and if this is the case on what you’re doing, you must guarantee that it meets the regulatory, risk, financial and strategic qualifications required by the company.
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In doing business, it is a must for you to impart trust on the other party involved and doing so shouldn’t be done in a whim but rather, an intricate research of the other party’s connections, references, beneficiaries, shareholders and legal documents for proof of incorporation or for individuals – funds, sources of so-called funds, connections and identity proof. Nowadays, it is also easier to know if a company or an individual is blacklisted or not and the next step is obviously to double-check if the third-party you’re involved with is clear from this kind of watch lists which may include sanction, criminal and law enforcement and debarred lists. You should also go back to every information you have gathered by now, validate them and guarantee that the company truly meets the standard of your business and can be trusted with the transaction. Risk Management is now in order and this includes taking into account the risks borne from the company’s origin, sector which it belongs to in their government, entity, financial risks and internal factors that may contribute unforeseen circumstances for the transaction. Auditing the entire process is a must in order to finish up with the Due Diligence report and by knowing the validity of the party, the risks involve and the expenses necessary, the management will be able to conduct an objective decision based on the information provided. It is also a must to make sure that everything goes as smoothly as predicted in the Due Diligence and plan, which is why you must still execute a monitoring phase after the due diligence process.